The Market Vectors-Russia ETF (the Fund) seeks to replicate before fees and expenses, the performance of the Russian stock market, as represented in the DAXglobal Russia+ Index1 (DXRPUS), by investing in stocks and Depositary Receipts (DRs) of publicly traded companies that are domiciled in Russia. DXRPUS, calculated by the Deutsche Borse AG, is a market capitalization-weighted index composed of publicly traded Russian issuers engaged in various industries, including oil and gas exploration and production, telecommunications, steel production, metals and mining, and electricity generation. As of December 31, 2007, the DXRPUS represented 40 publicly-traded Russian issuers. RSX is the only United States-based ETF that is focused on the Russian stock market.